Agreement on Costs: The parties agree on the estimated cost of the repairs and how much money will be held in escrow to cover these expenses. A repair escrow is an agreement between the Buyer and Seller to set aside money to complete required repairs after the transaction closes.Learn how to create a repair escrow to ensure the home seller makes repairs even after the sale and honors promises from your negotiations pre-closing. This escrow agreement template can be used to identify an escrow agent and establish an escrow agreement between a buyer and seller. Only complete this form if you have written a letter to your landlord requesting repairs, at least 30 days have passed and you are current in your rent. An escrow agreement is a legal document outlining the terms and conditions between parties involved in an escrow arrangement.